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04/27/2009 <br />ORIGINAL <br />RESOLUTION NO. 14932 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY AMENDING THE ANNUAL BUDGET FOR FISCAL YEAR 2008/09 <br />FOR THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD <br />CITY TO MAKE ERAF PAYMENT, AND APPROVING AND <br />AUTHORIZING EXECUTION OF A MEMORANDUM OF <br />UNDERSTANDING REGARDING GRANT FROM TARGET <br />CORPORATION TO FUND DOWNTOWN FAMILY CONCERTS <br />WHEREAS, pursuant to the California Community Redevelopment Law (Health <br />and Safety Code Section 33000 et seq.), the Redevelopment Agency of the City of <br />Redwood City (the "Agency ") is required to adopt an annual budget; and <br />WHEREAS, the Agency and City Council previously approved a budget for Fiscal <br />Year 2008 -09; and <br />WHEREAS, pursuant to AB 1389, redevelopment agencies are required to make <br />payments totaling $350 million statewide to their respective county Education Revenue <br />Augmentation Fund ( "ERAF "); and <br />WHEREAS, the Agency is required to make an ERAF payment in the amount of <br />$736,291, which payment must be made to the San Mateo County auditor by May 10, <br />2009; and <br />WHEREAS, the legality of the ERAF payment provision in AB 1389 has been <br />challenged, but no decision has been issued; and <br />WHEREAS, Agency staff has proposed that the ERAF payment be made from a <br />combination of sources; and <br />WHEREAS, Target Corporation has notified Agency that it is willing to provide a <br />grant in the amount of $30,500 to sponsor three family concerts in and around <br />Courthouse Square for 2009 in exchange for the Agency being responsible for all <br />marketing and promotional activities for such events; <br />ATTY /RESO /RESO.1897 1 14932 <br />041409 IY MUFF # 404 <br />